TA: Ethereum Stuck Below $1,825, Why 100 SMA Holds The Key
Ethereum is facing a strong resistance near the $1,825 and $1,830 levels against the US Dollar. ETH price is likely to remain stable above the 100 hourly SMA or $1,680 in the near term.
- Ethereum seems to be struggling to clear the $1,825 and $1,830 resistance levels.
- The price is now trading well below $1,800, but it is above the 100 hourly simple moving average.
- There is a major bullish trend line forming with support near $1,755 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is likely to remain in a range above the $1,700 support zone or $1,650 in the near term.
Ethereum Price Facing Hurdles
Ethereum made another attempt to clear the $1,825 resistance level, but it failed. ETH formed a high near the $1,818 level and recently started a fresh decline.
Conversely, bitcoin price was able to clear the $48,000 level and it even traded to a new all-time high near $48,680. Ether price is now trading well below the $1,800 level, but it is above the 100 hourly simple moving average.
Source: ETHUSD on TradingView.com
It traded below the 23.6% Fib retracement level of the recent wave from the $1,682 swing low to $1,818 high. An immediate support is near the $1,750 level. There is also a major bullish trend line forming with support near $1,755 on the hourly chart of ETH/USD.
On the upside, the price is facing many hurdles, starting with $1,800. The next major resistance is near the $1,825 level. A close above the $1,825 level and a follow up move above the $1,830 level could initiate a strong increase in the coming sessions. In the stated case, the price may perhaps rise towards the $1,880 level.
Dips Supported in ETH?
If Ethereum fails to clear the $1,800 and $1,825 resistance levels, it could continue to move down. On the downside, the first major support is near the $1,750 level and the trend line.
The main support is near the $1,735 zone and the 100 hourly simple moving average. It is close to the 61.8% Fib retracement level of the recent wave from the $1,682 swing low to $1,818 high. A close below the 100 hourly SMA may possibly push the price towards the $1,680 support or even $1,650.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is just below the 50 level.
Major Support Level – $1,735
Major Resistance Level – $1,800
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